ESAB Co. (NYSE:ESAB) Sees Large Increase in Short Interest

ESAB Co. (NYSE:ESAB - Get Free Report) saw a large increase in short interest in January. As of January 15th, there was short interest totalling 697,800 shares, an increase of 13.2% from the December 31st total of 616,500 shares. Currently, 1.2% of the company's stock are sold short. Based on an average trading volume of 281,900 shares, the short-interest ratio is presently 2.5 days.

Analysts Set New Price Targets

Several research analysts have recently commented on ESAB shares. Oppenheimer reiterated an "outperform" rating and issued a $144.00 target price (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. Loop Capital increased their price objective on shares of ESAB from $105.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, October 30th. Stifel Nicolaus boosted their price target on ESAB from $130.00 to $131.00 and gave the stock a "hold" rating in a research report on Friday, January 24th. Jefferies Financial Group assumed coverage on shares of ESAB in a report on Thursday, December 12th. They issued a "buy" rating and a $160.00 price objective for the company. Finally, Evercore ISI lowered ESAB from an "in-line" rating to an "underperform" rating and lifted their target price for the stock from $102.00 to $122.00 in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $133.57.

ESAB Stock Up 2.2 %

NYSE:ESAB traded up $2.68 during trading hours on Thursday, hitting $124.50. 202,516 shares of the company's stock traded hands, compared to its average volume of 194,734. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.92. ESAB has a twelve month low of $87.12 and a twelve month high of $135.97. The stock's fifty day moving average price is $123.54 and its two-hundred day moving average price is $113.52. The firm has a market cap of $7.53 billion, a P/E ratio of 29.16, a P/E/G ratio of 1.99 and a beta of 1.36.

ESAB Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Tuesday, December 31st. ESAB's dividend payout ratio is currently 7.49%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its holdings in ESAB by 138.1% during the second quarter. Point72 Asset Management L.P. now owns 10,714 shares of the company's stock valued at $1,012,000 after buying an additional 6,214 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in ESAB during the second quarter worth about $192,000. Handelsbanken Fonder AB grew its holdings in shares of ESAB by 18.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 14,400 shares of the company's stock worth $1,531,000 after purchasing an additional 2,200 shares in the last quarter. GAMMA Investing LLC increased its holdings in ESAB by 55.9% in the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company's stock valued at $44,000 after buying an additional 147 shares during the period. Finally, Diversified Trust Co raised its position in ESAB by 24.8% in the third quarter. Diversified Trust Co now owns 10,585 shares of the company's stock worth $1,125,000 after purchasing an additional 2,105 shares in the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

About ESAB

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.